The protocol is designed to amend transactions documented using the European LCDS standard terms supplement and form of confirmation that were published on July 30, 2007 to reflect the new templates published on March 12, 2008. In addition, Isda says a protocol to facilitate cash settlement of European LCDS (single-name and index) is currently under development.

A quant at Citi has revived debate about the changing nature of the profession (www.risk.net/2417747). The scope is narrower, he claims; the job has been dumbed down, and today's quants are little more than programmers. Is he right?